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Summit County Market Update for November
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The Market: With two months left in 2018, the average sold price remains strong, but dropped a point over last month, holding at about a 10% increase. Sales remain down by 8%. Properties are still selling at an average days on the market of 50 (in 2012 it was 180 days). The average percentage of list price to sold price is representative of a continued strong market at 98% (in 2012 it was 95%).
Condominium Sales: Condo sales are down about 14%. That's an additional two-point drop over last month. In fact, condominium sales are down in every town, with Dillon experiencing the biggest drop (25%). The average sold price for a condo in Summit County is up 15% at $482,000 (in 2012 that average sold price was $309,000).
Home Sales: The number of homes sold in Summit County has slowed and, in fact, dropped an additional 4.5 points over the last month (home sales are now -3%). The average sold price for a home is up almost 3% and the average sold price for a home in Summit County is about $1.2 million (in 2012 it was $815,000).
Of the current residential properties for sale, 31% have had a price reduction and 3% have increased their listing price. Also, the average days on the market for properties sold is 50— for properties under contract it is 58, and the average days on the market for properties still for sale is 115. Of the properties that are under contract, about 45% are new construction -- last year about this time the percentage of new properties under contract was the same.
Supply: The local supply of properties for sale is still at record lows. However, this is typically the time when our supply of properties for sale starts to dwindle as most home owners prepare for the up and coming ski season. Historically, the supply of properties for sale should start to increase during the first quarter of 2019.
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| How to Stage Your Home for a Quick Sale |
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Staging your home can potentially help you achieve a faster sale. I can refer you to professional stagers who can help with this task. If you're under a time crunch, use these simple staging tips to quickly get your home ready for viewing.
Declutter everything: All that "stuff" gets in the way of buyers seeing what your home has to offer. If you don't have time for a full house purge, at least make sure all surfaces are clear and closets are neatly organized.
Spruce up the entry: Make a good first impression. Sweep the front porch. Clean outdoor furniture. Add a doormat and some potted plants. Keep the entry and walkway well-lit.
Rearrange furniture: Place furniture in symmetrical arrangements. Create inviting conversation areas. If you have a spare room that has become a catch-all, set it up as usable space. Arrange it as a guest
room or office, so buyers can see the room's potential.
Clean from top to bottom: Your home should sparkle. If you have a lot of square footage to cover, consider having your home professionally cleaned. It will be worth the investment when buyers fall in love with your pristine space.
Minimize odors: Before showings, run some orange rinds through the garbage disposal. Remove odors in furniture and carpets with a dash of baking soda; let it sit for 10 minutes, then vacuum. Heat a pot of water and a few cinnamon sticks on the stove for an hour to add a pleasing aroma to your space. |
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| Wondering How Much Your Home Is Worth? |
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How has the price of your home changed in today's market? How much are other homes in your neighborhood selling for?
If you’re wondering about prices in your area, or thinking of selling your home, I can help.
Just call my office at 800-289-7005 or email me at kelli@kellisells.com for a professional price analysis. There is absolutely no obligation.
I’ll give you honest feedback about the value of your home. And I’ll also give you the inside scoop on what’s happening in the housing market in Breckenridge, Dillon, Frisco, Silverthorne and Keystone.
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| Downsizing Prep: Common Heirloom Errors |
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Is downsizing in your future? If so, it's time to start considering what that will entail.
Before it's time to move, take stock of what is in your home. Have you kept anything for your kids that they really don't want? Have an open conversation with your children to determine whether what you consider a precious family heirloom would simply be clutter in your child's home.
Put the following items at the top of the list to discuss. These are three of the most common things parents keep that their kids would prefer never to inherit.
Books: Even if your children love to read, it's likely they don't want your old books (and they probably have their own growing collection they will have to purge some day). If you suspect any of your books are valuable, do a search online or contact a book antiquarian. Otherwise, consider donating the
books to a library or used book store.
Fine dinnerware: Has your child ever used a cup and saucer for morning coffee? Would he or she use silver flatware? For that matter, have you used any of these dishes in the past year?
Children and grandchildren typically don't want to store multiple place settings of porcelain dishes. Go ahead and sell them to the consignment shop or to a company that offers replacement pieces for consumers seeking specific patterns.
Paper piles: Do you have shoeboxes of greeting cards, letters and photos stashed under your bed? Piles of paper are overwhelming and nearly impossible for others to sort through. Say goodbye to those papers that aren't critical (insurance policies, tax information, etc.). Read through cards once more; then recycle them. Scan photos to create digital files, or frame your favorites to pass along. Then get rid of the rest. |
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Kelli Bennett
RE/MAX Properties of the Summit
220 South Main Street
P.O. Box 4600
Breckenridge CO 80424
970-390-9311 Cell
800-289-7005 Office
970-453-7365 Fax |
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| www.kellisells.com |
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| kelli@kellisells.com |
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| License # 40008935 |
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| Breckenridge Events |
Wednesday, November 7. Breck and Keystone Ski Resorts open!
Sunday, November 11. Art and Mimosa Sundays. ReadyPaintFire! 323 Main Street.
Friday, November 23. A 70s flashback celebrating the 45th anniversary of the Breckenridge Backstage Theatre.
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| A Note from Kelli |
I love this time of year. The slopes are about to open, the air is crisp and cool and Thanksgiving is just around the corner.
I want to wish you all a wonderful Thanksgiving, celebrated with friends and family, as well as a great time skiing or shredding in our beautiful mountains. |
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| Ask Kelli: This Month's Question |
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How long does it take to buy a home?
Home buyers can expect their purchase to take between 30 and 45 days from the time their offer is accepted to the closing date. This is the average time span under normal market conditions.
However, there are exceptions. Some buyers are able to get a deal together in less time if they are well-prepared and encounter no obstacles.
At other times, in hot markets, high sales activity may slow down the process. Lenders may be swamped with transactions they are trying to push through underwriting. Inspectors and appraisers may have longer lead times for appointments.
Each delay of a day or two can extend the entire process an extra week or more. I can inform you about the current market conditions in Summit County, so you can plan your home search and your move accordingly. |
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